Verkhovna Rada adopts Ukraine's state budget for 2020

Verkhovna Rada adopts Ukraine's state budget for 2020

The Verkhovna Rada has adopted the law on Ukraine's state budget for 2020.

A total of 280 MPs voted for a respective bill, No. 2000, at second reading and as a whole at a parliament meeting on Thursday, November 14.

In particular, the state budget for 2020 envisages revenues of UAH 1.094 trillion, including general fund revenues of UAH 974.7 billion and special fund revenues of UAH 119 billion.

Expenditures are estimated at UAH 1.18 trillion, including general fund expenditures of UAH 1.052 trillion and special fund expenditures of UAH 127.9 billion.

Public debt in the hryvnia equivalent will amount to UAH 2.045 trillion (45.3% of projected GDP). Payments for the repayment of public debt in 2020 are projected at UAH 282.1 billion, including UAH 120.3 billion for the repayment of foreign debt and UAH 161.9 billion for the repayment of domestic debt. Payments for public debt servicing in 2020 are estimated at UAH 141.5 billion.

The minimum wage in the state budget for 2020 is set at UAH 4,723.

In 2020, it is proposed to set the living wage for one person per month in the amount of UAH 2,027 from January 1, 2020, UAH 2,118 from July 1, and UAH 2,189 from December 1. For children under the age of six, the living wage will be UAH 1,779 from January 1, 2020, UAH 1,859 from July 1, and UAH 1,921 from December 1. For children from six to 18 years, the living wage will amount to UAH 2,218 from January 1, 2020, UAH 2,318 from July 1, and UAH 2,395 from December 1.

The government proposes to set defense and security spending at 5.45% of GDP, or UAH 245.8 billion, the largest amount since Ukraine's independence. The Interior Ministry's budget is estimated at UAH 93 billion. Expenditures on education are projected at UAH 136.4 billion. Expenditures on medicine next year will amount to UAH 113.3 billion. UAH 8.66 billion is earmarked for the financing of the culture and information sphere.

The country's main financial document for 2020 also envisages budget programs to support agricultural producers (UAH 4 billion) and the formation of the authorized capital of the Private Credit Guarantee Fund (UAH 0.24 billion).

Proceeds from the privatization of state property are set at UAH 12 billion.


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